The SEC said today that it will not file civil charges against
any individuals, including executives and directors, in relation
to the company's takeover of Merrill Lynch.

That means that Ken Lewis and John Thain are off the hook.

The commission said it did not find evidence that any individuals
deliberately concealed information from its attorneys, nor did
they intentionally seek to mislead shareholders.

"For these reasons, the SEC's proposed complaint does not seek
charges against any individual officers, directors or attorneys,"
according to the statement quoted in
The Wall Street Journal. "SEC staff has advised the
Commission that, after a careful assessment of the evidence and
all of the relevant circumstances, it has determined that charges
against individuals for their roles in connection with proxy
disclosure are not appropriate."